By KRISTIN TICE STUDEMAN

December 18, 2013

Like other 20-somethings with big dreams but little cash, Billy McFarland, a college dropout turned entrepreneur from New Jersey, wanted a shortcut to the good life.

“I was at dinner at La Esquina with friends, and we were all talking about how much we wanted a black card,” Mr. McFarland said, referring to the fabled American Express card that is reserved for the super elite.

“Some of us are probably 30 years away from having the spending power, but they want one right now.”

As a 21-year-old guy running an Internet start-up called Spling, he wasn’t exactly a prime candidate for the invitation-only black card, which has no spending limit (yes, you can charge a $300,000 Bentley with it) and, according to some Internet sites, has an annual spending requirement of $250,000 (American Express would not confirm or deny that).

“So, that night, I did a ton of research on how to add a magnetic strip to a metal card without demagnetizing it and ruining data,” Mr. McFarland said. “I got ahold of a place in China that could embed the magnetic strip onto the metal, and I had one made.”

From that prototype, he and a former classmate started Magnises earlier this year, as a kind of aspirational black card for 20-somethings who want the cachet of the real thing, but can’t afford it. Like the original (officially called the American Express Centurion Card), the Magnises card is made of heavyweight metal (though it is not anodized titanium), and it promises exclusive perks.

Billy McFarland, center, a founder of the Magnises card, mingling with guests during a Magnises birthday party for Patrick McMullan on Aug. 27.

Tina Fineberg for The New York Times

According to its website, the card offers “24/7 concierge, special treatment and discounts at numerous high-end brands and restaurants.” But for the moment, members enjoy only a handful of perks, including entry to the Goldbar, discounts at the Hotel on Rivington and invitations to private parties at Magnises’s “clubhouse” in SoHo

Among the splashier events was a birthday party in August for the night-life photographer Patrick McMullan, which attracted about 500 people, including the art curator Stacey Engman and the former adult-film star Robin Byrd.

To date, about 500 members have paid $450 each to join. (By contrast, the Amex black card charges $7,500 to join, and $2,500 a year in membership fees.) They include a few more-recognizable names like the actress Rosario Dawson, the basketball player Baron Davis and Gabe Saporta, the lead singer of the synth-pop band Cobra Starship.

Well, technically, it’s not a real charge card, because Magnises is not connected to any financial institution. It is just a way to dress up your everyday Wells Fargo or Bank of America card. Magnises simply transfers the data from the magnetic strip of that old card onto its blank metal card, like copying a CD, and then the Magnises card can be used in place of the original.

But before you sign up online, it should be noted that membership is by “referral only.” The vetting process could be likened to a fraternity or sorority week. Prospective members are invited to hang out at its Wooster Street penthouse and, after a few days, they either make the cut or are rejected. The final decision, Mr. McFarland said, is based on whether the rest of the group thinks you are cool enough.

Tips for things not to do? “People who are trying too hard or people who are really pushy,” said Will Weldon, 23, a founder who met Mr. McFarland in grade school in Short Hills, N.J. (The third co-founder is Martin Howell, who met Mr. McFarland a few years back.) “There are normal people in it,” Mr. Weldon said. “We aren’t trying to say we are the coolest people in the world.”